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More retrocession capacity is likely to be deployed during 2023 as pricing holds up across the primary, reinsurance and retro markets, according to Conduit Re.
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The R&Q founder had been linked to 777 since its attempted acquisition of the listed firm.
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The 17% uplift in its retention comes as reinsurers push for higher attachments.
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The non-profit initiative will broaden to include cyber and casualty after successful tests on property reinsurance placements.
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The deal represents the first Part VII transfer completed by Marco since launching in 2020.
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The association has also set its one-in-100 PML at $4.45bn for the year.
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The Ontario and Quebec derecho was the most severe weather event for Canada in 2022, causing C$1bn worth of losses.
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Private flood insurance accounted for about 40% of total flood insurance premium in California, higher than Florida’s 15%.
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At least $7.8bn in reserves was transferred from the live market to legacy carriers last year, with Enstar the leading acquirer.
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The executive chairman has sold around half of his holding back to the company.
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The ending of an exclusivity arrangement also allows Berkshire Hathaway to offer reinsurance to Australian rivals.
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The pair have acquired an MSA subsidiary that holds product liability claims for exposure to harmful substances.